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Qualified Legal Compliance Committees: A Useful Tool For Investigating Reports Of Material Violations
Section 307 of the Sarbanes-Oxley Act of 2002 requires the Securities and Exchange Commission (Commission) to adopt new standards governing the conduct of attorneys who represent public companies before the Commission. On January 23, 2003, the Commission adopted final rules to implement Section 307. The rules, which become effective on August 5, 2003, establish minimum standards of professional conduct for attorneys appearing and practicing before the Commission in the representation of an issuer as well as reporting procedures that must be followed if an attorney becomes aware of a 'material violation.' As discussed herein, establishing a Qualified Legal Compliance Committee (QLCC) could save issuers valuable time and create a more controlled and efficient process in identifying and rectifying potential material violations.
Who is Covered by the New Rules?
Subject to certain limited exceptions, the rules impose upward reporting obligations on attorneys who 'appear and practice before the Commission' in 'the representation of an issuer.' The definition of 'attorney' covers both outside counsel and attorneys employed by an issuer.
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